AU10TIX Q3 Report Reveals Surge in Identity Fraud

Key Highlights:

  • AI-Powered Fraud Surge: Identity fraud skyrockets with deepfakes and AI bots.

  • Social Media Targeted: Attacks rise to 28% in Q3, up from 3% in Q1.

  • Synthetic Selfies Debut: Fraudsters bypass verification using deepfaked selfies.

  • Crypto Sector at Risk: Crypto market absorbs 31% of Q3 fraud attacks.

  • Actionable Insights Provided: Emphasis on behavior-based and AI-driven fraud detection.

Source: PR Newswire

Notable Quote:

"Fraudsters are evolving faster than ever, leveraging AI to scale and execute their attacks, especially in the social media and payments sectors. The only way to detect this type of fraud is by analyzing behavior at the traffic level, as AU10TIX does with our Serial Fraud Monitor."

Dan Yerushalmi, CEO at AU10TIX

Our Take:

The Q3 2024 Global Identity Fraud Report by AU10TIX highlights an alarming acceleration in the capabilities of fraudsters using AI, notably in the lead-up to high-stakes events like the US presidential election. With synthetic selfies now capable of outmaneuvering traditional KYC systems and the rise of "image template" attacks, it's evident that fraud detection needs a radical upgrade. AU10TIX’s call for behavior-based monitoring and the use of AI to combat AI-powered fraud underlines the urgent need for more adaptive, real-time fraud detection techniques.